Cosa Resources Acquires the Cosmo Uranium Property, Athabasca Basin, Saskatchewan
Cosa Resources Acquires the Cosmo Uranium
Property, Athabasca Basin, Saskatchewan
Vancouver, British Columbia--(Newsfile Corp. - February 21, 2024) -
Cosa Resources Corp.
(TSXV:
COSA) (OTCQB: COSAF) (FSE: SSKU)
("
Cosa
" or the "
Company
") is pleased to announce the
acquisition of the 100% owned Cosmo uranium property in the eastern Athabasca Basin, Saskatchewan
("
Cosmo
" or the "
Property
").
Highlights
12 contiguous mineral dispositions totalling over 9,300 hectares with no encumbrances acquired
via low-cost staking
Cosmo captures 18 kilometres of prospective magnetic low strike-length with no prior drilling
Mobilization for Cosa's initial diamond drilling program at the Ursa Project is nearing completion
Keith Bodnarchuk, President and CEO, commented:
"With the successful acquisition of Cosmo, we
continue to strengthen our portfolio of prospective and under-explored uranium projects in the
Athabasca Basin. As the clean energy revolution builds momentum, projects with sufficient size and
the right geological framework are becoming more difficult to acquire. We look forward to advancing
Cosmo to drill testing given the proximity to known mineralization on trend and the project's location
close to existing infrastructure."
Andy Carmichael, VP of Exploration, commented:
"Historically, the Mudjatik domain was considered
less prospective than other parts of the eastern Athabasca Basin and so received far less exploration
attention. The discovery of the Hurricane deposit in 2018 proved the Mudjatik is highly prospective
and revitalized exploration of this previously undervalued domain. Cosmo's 18 kilometres of Mudjatik
magnetic low has never seen a modern ground geophysical survey or a single drill hole and
represents an excellent exploration prospect proximal to the mining and milling infrastructure of the
eastern Athabasca."
The Cosmo Property
Cosmo comprises 12 claims totaling 9,308 hectares in the eastern Athabasca Basin and is located 36
kilometres west of the Hurricane Deposit and 58 kilometres north of the Cigar Lake Mine (Figure 1).
Provincial Highway 905 passes within seven kilometres of the Property and a network of trails and a
provincial powerline pass through the Property (Figure 2).
Cosmo covers 18 kilometres of curvilinear magnetic low strike length interpreted to represent favourable
metasediments. Historical exploration was limited to a 1979 lake sediment sampling program and a
2007 airborne geophysical survey. While no drilling is known within the Property, historical drilling
located 13 to 25 kilometres along strike to the east intersected several intervals of weak uranium
mineralization, including 0.20% U
3
O
8
over 1.2 metres in drill hole BL-14-20 (549.9 - 551.1 m).
Next Steps
Cosa anticipates initial work will include electromagnetic (EM) surveying to define target areas within the
Property. Given the ease of access and proximity to known mineralization along strike, positive results
would warrant aggressive follow up work including ground EM and diamond drilling.
Other News
Despite unseasonably warm conditions, mobilization of drilling equipment, supplies, and personnel to
Cosa's Ursa Project is ongoing and is nearing completion. Diamond drilling is expected to commence
immediately thereafter. Additionally, Keith Bodnarchuk, CEO, and Justin Rodko, Corporate
Development Manager, will be attending PDAC in Toronto, Ontario from March 3
rd
to 6
th
2024 and will
be available for meetings.
Figure 1 — Cosa's Portfolio of Athabasca Basin Region Uranium Exploration Properties
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/198662_9315bce244fec916_003full.jpg
Figure 2 — Cosmo Property Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/198662_9315bce244fec916_004full.jpg
About Cosa Resources Corp.
Cosa Resources is a Canadian uranium exploration company operating in northern Saskatchewan. The
portfolio comprises roughly 209,000 ha across multiple projects in the Athabasca Basin region, all of
which are underexplored, and the majority reside within or adjacent to established uranium corridors.
Cosa's award-winning management team has a long track record of success in Saskatchewan. In 2022,
members of the Cosa team were awarded the AME Colin Spence Award for their previous involvement
in discovering IsoEnergy's Hurricane deposit. Prior to Hurricane, Cosa personnel led teams or had
integral roles in the discovery of Denison Mines' Gryphon deposit and 92 Energy's Gemini Zone and
held key roles in the founding of both NexGen and IsoEnergy.
Cosa's primary focus through 2024 is initial drilling at their Ursa Project, which captures over 60-
kilometres of strike length of the Cable Bay Shear Zone, a regional structural corridor with known
mineralization and limited historical drilling. It potentially represents the last remaining eastern
Athabasca corridor to not yet yield a major discovery. Modern geophysics completed by Cosa in 2023
identified multiple high-priority target areas characterized by conductive basement stratigraphy beneath
or adjacent to broad zones of inferred sandstone alteration - a setting that is typical of most eastern
Athabasca uranium deposits.
Qualified Person
The Company's disclosure of technical or scientific information in this press release has been reviewed
and approved by Andy Carmichael, P.Geo., Vice President, Exploration for Cosa. Mr. Carmichael is a
Qualified Person as defined under the terms of National Instrument 43-101. This news release refers to
neighboring properties in which the Company has no interest. Mineralization on those neighboring
properties does not necessarily indicate mineralization on the Company's properties.
Contact
Keith Bodnarchuk, President and CEO
+1 888-899-2672 (COSA)
Cautionary Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The information contained herein contains "forward-looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the
meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not
limited to, statements with respect to the activities, events or developments that the Company expects or
anticipates will or may occur in the future, including, without limitation, planned exploration activities.
Generally, but not always, forward-looking information and statements can be identified by the use of
words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and
phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken",
"occur" or "be achieved" or the negative connotation thereof. Forward-looking statements in this news
release include, among others, statements relating to: the exploration, development, and production at
the Company's mineral projects.
Forward-looking statements and forward-looking information relating to any future mineral production,
liquidity, enhanced value and capital markets profile of the Company, future growth potential for the
Company and its business, and future exploration plans are based on management's reasonable
assumptions, estimates, expectations, analyses and opinions, which are based on management's
experience and perception of trends, current conditions and expected developments, and other factors
that management believes are relevant and reasonable in the circumstances, but which may prove to be
incorrect. Assumptions have been made regarding, among other things, the price of uranium and other
commodities; no escalation in the severity of public health crises; costs of exploration and development;
the estimated costs of development of exploration projects; the Company's ability to operate in a safe
and effective manner and its ability to obtain financing on reasonable terms.
These statements reflect the Company's respective current views with respect to future events and are
necessarily based upon a number of other assumptions and estimates that, while considered
reasonable by management, are inherently subject to significant business, economic, competitive,
political and social uncertainties and contingencies. Many factors, both known and unknown, could cause
actual results, performance, or achievements to be materially different from the results, performance or
achievements that are or may be expressed or implied by such forward-looking statements or forward-
looking information and the Company has made assumptions and estimates based on or related to
many of these factors. Such factors include, without limitation: the Company's dependence on one
mineral project; precious metals price volatility; risks associated with the conduct of the Company's
mining activities; regulatory, consent or permitting delays; risks relating to reliance on the Company's
management team and outside contractors; the Company's inability to obtain insurance to cover all risks,
on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate
sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and
unknowns inherent in all mining projects; contests over title to properties, particularly title to undeveloped
properties; laws and regulations governing the environment, health and safety; the ability of the
communities in which the Company operates to manage and cope with the implications of public health
crises; the economic and financial implications of public health crises to the Company; operating or
technical difficulties in connection with mining or development activities; employee relations, labour
unrest or unavailability; the Company's interactions with surrounding communities; the Company's ability
to successfully integrate acquired assets; the speculative nature of exploration and development; stock
market volatility; conflicts of interest among certain directors and officers; lack of liquidity for
shareholders of the Company; litigation risk; the ongoing military conflict around the world; general
economic factors; and the factors identified under the caption "Risk Factors" in the Company's
management discussion and analysis and other public disclosure documents.
Although the Company has attempted to identify important factors that could cause actual results to differ
materially from those contained in the forward-looking information or implied by forward-looking
information, there may be other factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking information and statements will prove to be
accurate, as actual results and future events could differ materially from those anticipated, estimated or
intended. Accordingly, readers should not place undue reliance on forward-looking statements or
information.
The Company undertakes no obligation to update or reissue forward-looking information as
a result of new information or events except as required by applicable securities laws.
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